South Korea is looking to develop a dedicated cryptocurrency and blockchain zone to be called "Crypto Beach" similar to "Crypto Valley" Zug in Switzerland, according to local media outlet Edaily.
The East Asian country aims to build a cryptocurrency and blockchain ecosystem for enterprises to incubate startup companies and projects working in the sector. The Crypto Beach is expected to come up at Haeundae beach in Busan city.
South Korea's plans were revealed by Oh Jung-geun, chairman of the Korea ICT Financial Convergence Association, at the Global Blockchain Conference 2018 held recently in Seoul.
Jung-geun said, "I need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland. I looked around the state of Jukkas at the institute and made a crypto beach in Haeundae. We are planning a conference event to discuss with the Busan city."
He added that Korean companies must issue tokens abroad due to the ban on Initial Coin Offerings (ICOs) since September 2017. This is forced by the lack of understanding by local regulators of the cryptocurrency industry and blockchain technology.
The South Korean authorities have taken several steps to control the crypto frenzy that hit Asia's fourth-largest economy, which has also emerged as the world's third-largest market for cryptocurrency.
However, the tight regulations such as ICO ban and mandatory identification verification in crypto trading saw several cryptocurrency businesses leaving the country to open successful ventures in the crypto-friendly nations such as Singapore, Malta and Switzerland.
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